The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-05-25
THE SQUEEZE" IN WHEAT.
Great Excitement In Chicago Among the
"Bulls" and CLEARS"
Special to the Sentinel.

Special to the Sentinel.
CHICAGO, May 2l.-The wheat pit on
Change is the scene of greater excitement
now than for many months past. OF
course, all attention is still concentrated
on the clique brokers. Rumor has come
out with a most vigorous denial of having
dollars interest in the deal, either di-
rectly or indirectly, and 1t is now pretty
definitely known that one of the leading
manipulators, and probably the mysteri-
GUS Nelson" who sends the cipher in
structions to the clique brokers here, is
Nelson Perrin, of Cincinnati. Mr.. Perrin is
the heir of great whisky magnate, but is
described as "a young operator who
plunges" 1t is plain that the squeeze
is approaching point where the qualities
of It's hackers will be severely tested. AS
the end of the month draws into sight the
bear party is donning its fighting clothes,
and the battle threatens to become ugly.
The bears are industrious, and are headed
by the old-time leaders, who have money,
and who have often shown nerve and abil-
ity far above the average. Inside the
clique rank gossips have it that there has
lately been considerable of a quarrel. One
branch of the combination, it is said, ia
vored the "pegging' of the June option at
SEC until surrounding markets got into
line and as much wheat as possible was
moved out of the country. These men are
angry because their advice was not taken,
Perhaps the worst feature of the deal now,
from bull standpoint, is the drop IN wheat
freights from Minneapolis here to 10 per
100 pounds, or to &c per bushel. There are
100000 bushels of wheat there, and as at
present prices q sure profits in sight vast
deal of il is bound to come forward for
June. This, sellers claim, compels the
manipulators TO rush prices up at once, or
to let them down enough to wipe out this
big margin.
On the other hand, so far as appearances
90, the clique never had the market in bet
ter control than now, and in spite of the
continuation of the boycott against them
in the trading pit, il is noticed that about
all the wheat sold eventually drifts up
against two or three houses.
Late adY1ces from the northwest declare
that the crop outlook is not nearly as bright
as previously painted, and California crop
reports continue glowing. Cables are steady
and white receipts at New York are very
heavy. Clearances are also enormous, so
that that point is at present merely a way
station. Ocean freight room, it is stated on
good authority, has been engaged and is
waiting for 2,000,0 900 bushels, which will be
shipped on arrival. Thus May Is likely to
be the banner export month of the fiscal
year. After all, however, the future of the
market depends almost wholly upon how
much money the clique can muster within
the next ten days.
Corn rules weak on larger receipts and
on rains IN sections where moisture was
needed. Robert Warren has been q heavy
seller. The bulls are banking good deal
just now on the short crop of hay, claiming
that at present prices hay is dearer than
corn. The cash demand for corn here is
mainly for local consumption.
Provisions rule dull and very nearly
featureless. Traders are Indifferent and
the feeling is easy. Receipts Of hogs at the
yards are large.